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Rio Rancho Man Sentenced for Bank Fraud
A 49-year-old Rio Rancho man was sentenced to three months in federal prison for his role in a brazen bank fraud and money laundering scheme. Derek Barnhill, along with co-defendant Vincent J. Garcia, swindled Columbian Bank & Trust Co. out of $560,129.39, which they used to fund their lavish lifestyle.
Barnhill, who pleaded guilty in December 2010, was ordered to pay restitution in the amount of $560,129.39, which will be paid jointly with co-defendant Vincent J. Garcia. The scheme began in February 2007, when Garcia told Barnhill that he needed $360,000.00 for a ‘good faith payment’ towards the purchase of a casino.
Barnhill altered a sheet rock bid to support a fictitious draw-down request for $365,677.00, and submitted the request based solely on the false invoice to the Bank. After the Bank disbursed the money, Barnhill transferred the funds to an Anasazi account at New Mexico Bank and Trust.
Co-defendant Vincent J. Garcia was sentenced in April 2013, to 27-months in federal prison followed by five years of supervised release. He was also ordered to pay $722,543.76 in restitution. Garcia is serving his prison sentence.
The case was investigated by IRS Criminal Investigation, the FDIC-OIG, and the Albuquerque office of the FBI, and was prosecuted by Assistant U.S. Attorney Jonathon M. Gerson.
Barnhill’s sentence includes three years of supervised release, which will include nine months of home confinement. His attorney did not respond to requests for comment.
The case highlights the need for greater oversight and regulation in the banking industry to prevent such schemes from occurring in the future.
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Key Facts
- State: New Mexico
- Category: White Collar Crime
- Source: DOJ Press Release ↗
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